How much do you keep in the slush fund?

I'm a little ways away from a Lambo, but I like to set money aside for certain affairs like vehicle maintenance. I'd like to know how much money you guys set aside for maintenance for your car-like big ticket items, not incremental mileage maintenance. For example, if your tranny had to be rebuilt, or you had an oil leak or something like that. How much money do you keep in your slush funds? I'd love to hear from people that work on their own cars and those who do not.

 

I'll go out on a limb and say most owners here don't need to put money aside for the big repairs. Personally if I couldn't put any unexpected repair no mater how big on my CC and pay that off at the end of the month I'd be very worried. Driving a car with potentially high bills is one thing but having to actively put $ aside for these bills to me shows you could be cutting things a little fine. Not trying to be a dick or the "if you have to ask you can't afford it" guy but sweating repair bills and saving for them shows a car maintenance to income problem. Or you can just have $30k ready to go all the time. Major service, clutch and one other biggie

I'm a little ways away from a Lambo, but I like to set money aside for certain affairs like vehicle maintenance. I'd like to know how much money you guys set aside for maintenance for your car-like big ticket items, not incremental mileage maintenance. For example, if your tranny had to be rebuilt, or you had an oil leak or something like that. How much money do you keep in your slush funds? I'd love to hear from people that work on their own cars and those who do not.

I'll go out on a limb and say most owners here don't need to put money aside for the big repairs. Personally if I couldn't put any unexpected repair no mater how big on my CC and pay that off at the end of the month I'd be very worried. Driving a car with potentially high bills is one thing but having to actively put $ aside for these bills to me shows you could be cutting things a little fine. Not trying to be a dick or the "if you have to ask you can't afford it" guy but sweating repair bills and saving for them shows a car maintenance to income problem. Or you can just have $30k ready to go all the time. Major service, clutch and one other biggie

 

You're doing it wrong...toys come after. Save, invest, start your own company etc, do it while you are young so you can reap the benefits.

Bingo. If you want to play you have to be willing to pay. When I was looking at A8Ls with the W12 engine I had to keep reminding myself that just because I can roll one for 30k doesn't mean the car has 30k car problems...it has 120k car problems. I think you are on the right track by considering not only your outlay for the car but for upkeep, maintenance and the unexpected but if you answer the unexpected question with "I have to save for it" then you have a problem.

 

If the AC goes on my wife's MDX tomorrow I won't sweat writing the check to replace it. Don't get me wrong I won't be happy about having to spend the cash but I won't sweat doing it.

 

If the timing chain tension broke on my A8L W12 and I need to have the engine pulled...yeah that I was not willing to lay the cash out for so no A8L W12 for me yet.

Bingo. If you want to play you have to be willing to pay. When I was looking at A8Ls with the W12 engine I had to keep reminding myself that just because I can roll one for 30k doesn't mean the car has 30k car problems...it has 120k car problems. I think you are on the right track by considering not only your outlay for the car but for upkeep, maintenance and the unexpected but if you answer the unexpected question with "I have to save for it" then you have a problem.

 

If the AC goes on my wife's MDX tomorrow I won't sweat writing the check to replace it. Don't get me wrong I won't be happy about having to spend the cash but I won't sweat doing it.

 

If the timing chain tension broke on my A8L W12 and I need to have the engine pulled...yeah that I was not willing to lay the cash out for so no A8L W12 for me yet.

 

 

Agreed.

 

For me personally, you buy these types of cars when you have the value of the car many times over in cash/investable assets.

 

I've made the mistake before of getting in over my head with cars. Anything that is a toy is paid for in cash.

Anything that is a toy is paid for in cash.

 

Speaking of which small grip...Credit Scores are a joke. I was looking at getting a Nexus 6 and hoping on Google Fi for my cell service before leaving for the UAE. No big deal to lay the cash out for a phone off of contract. Then google offered the phone for free and they would just bill me over the next 24 months as long as I passed a credit check. I thought why spend $500 now if I don't have too.

 

They turned me down for insufficient credit history with an 810 score and the same credit card since 16 with 0 balance ever on it and no black marks on my credit.

 

WTF el goog????? You do know I pay you ever month for cloud storage right? Hahaha.

My personal rule of thumb is the rule of 5. If I can afford to buy an Aventador, I will get an M4 (which costs 5 times less). When I can afford 5 Aventadors I'll go ahead and pick up one. Nothing sucks more than getting a great toy and then having to sweat the bills, that type of unnecessary stress is not worth it. As a car lover that gets hard to see at times, but the last thing you want to do is get sidetracked or get dependent on keeping income coming in to keep the thing running. Close to a Lambo? Get things started so you have money for 5 Lambo's and then pick one up. I've made the mistake of getting more car than I should have before and while I had fun, I also had a lot of stress I didn't need to have. If you find yourself trying to force things to fit around getting a toy, that's a sign.

 

If you get the itch really bad there's always a track day or Experienza event you join. For a few grand you can have a great day of fun and keep the itch scratched for a while. Plus it helps keep the motivation up, at least for me it does.

 

That's just my 2cents.

Good advice. Just wanted to see. I know there's not a huge population of people here like me or Shark03. I remember Shark saying in a thread that he saved and saved and saved to be able to afford his Lamborghini, so I was hoping there were more people like that on here.

Slush fund. 6 months liquid money should major income flow suddenly stop to cover normal expenses. Having money set aside should a toy car break means you don't have enough money for the toy. Old exotics are a bad idea in this case unless you can repair them yourself.

Slush fund. 6 months liquid money should major income flow suddenly stop to cover normal expenses. Having money set aside should a toy car break means you don't have enough money for the toy. Old exotics are a bad idea in this case unless you can repair them yourself.

Thanks man! Great advice.

 

I would most definitely be doing the work on an old exotic if I was to purchase one. I do all of the work on my M5 and that's pretty sophisticated. I love teaching myself new things.

 

You're doing it wrong...toys come after. Save, invest, start your own company etc, do it while you are young so you can reap the benefits.

 

 

Such great advise from every member here!

 

If you have to actively save for maintenance and/or unforeseen repairs don't buy the car, it's not worth it.

 

Having said that, Doc do not get discouraged work hard and smart and you will be there sooner than you know it, be smart about everything, push yourself slightly out of your comfort zone but for income generating opportunities only not for toys!

 

I am confident you will make it

 

Such great advise from every member here!

 

If you have to actively save for maintenance and/or unforeseen repairs don't buy the car, it's not worth it.

 

Having said that, Doc do not get discouraged work hard and smart and you will be there sooner than you know it, be smart about everything, push yourself slightly out of your comfort zone but for income generating opportunities only not for toys!

 

I am confident you will make it

 

 

Agreed. Many have multiple homes, multiple cars, no mortgages and no payments, very little if any personal debt.

 

In the old days being able to afford a car meant just that, afford the car. Now it means I can afford the car PAYMENTS. Very different conversation.

As a fellow poor Lamborghini owner (as you know) here is my philosophy:

 

All these cars have needs that we can identify during a PPI or through observation. I put all these things on a list (my list has like $25k worth of stuff on it) and prioritize by need (as agreed to with my mechanic). I’m working to commit to spending $5k per year on these known issues, plus regular maintenance to pare the list down. Here is where I’m at now:

 

2014: $7,500

 

2015 (so far): $3,900

 

So then I’m left with gotchas and unknowns. I have a single “car” fund, that takes care of these unexpected repairs plus saving for new vehicles (DD and weekend). So any unexpected repairs will extend the purchase horizon for the next car.

 

Hey look, worst case you can always park the car while saving for repair money….

 

So for all you guys that can pay a 5 figure service bill(s) without blinking an eye, pat yourselves on the back, you’ve made life your little biotch. You are the guys all of us aspire to be.

 

I'm with Shark. An older car that you work on yourself is night and day different compared with paying someone to do the work. My huge repair thread and all the work I did cost me maybe $5k. I'm sure would have been $15k plus for someone else to do it. I definitely can't just drop $20k plus at the blink of an eye. Although this being an appreciating accept, it's easier to accept. Either way, best to have $10-20k set aside for something unexpected.

... I'd like to know how much money you guys set aside for maintenance for your car-like big ticket items, not incremental mileage maintenance....

 

I put as much cash (hundreds only of course) as I can get into the frunk. When it gets less than half-full I replenish it.

 

 

Doc, you're all over the damn place man. You're trying to launch a business and/or sell/license an idea during the patent stage. That should be the ONLY THING ON YOUR MIND, to the extent you can't remember if you even had dinner last night.

 

The time you spend thinking about potential repair bills on a future exotic car could be spent doing something far more productive.

 

Quit wheeling and get the hell back to work on the idea which will fund these toys.

 

 

I put as much cash (hundreds only of course) as I can get into the frunk. When it gets less than half-full I replenish it.

Somewhat related I remember going on my first road trip. All the drivers were talking about what tools they packed and where they saved weight and money. My friend goes "I have one tool and it fixes everything." We all are interested so he takes us over to his car and pops the trunk. He pulls of the spare tire cover and he had mounted his AAA gold card there. He said " I bought the car to enjoy it and not fix it. AAA and my Amex will take care of the rest. "

 

 

Doc, you're all over the damn place man. You're trying to launch a business and/or sell/license an idea during the patent stage. That should be the ONLY THING ON YOUR MIND, to the extent you can't remember if you even had dinner last night.

 

The time you spend thinking about potential repair bills on a future exotic car could be spent doing something far more productive.

 

Quit wheeling and get the hell back to work on the idea which will fund these toys.

 

 

 

Great advice.

 

Often you'll see LP members who post often and have thousands of posts vanish. They'll be gone for months at a time. Then they'll come back and talk about buying 5 cars at once, or a new Lambo..etc. Everything can be sacrificed when you focus. (now to just cut off my last finger to stop myself from clicking 'view new posts'...please...help...I have a feeling the nose is next)

Great advice.

 

Often you'll see LP members who post often and have thousands of posts vanish. They'll be gone for months at a time. Then they'll come back and talk about buying 5 cars at once, or a new Lambo..etc. Everything can be sacrificed when you focus. (now to just cut off my last finger to stop myself from clicking 'view new posts'...please...help...I have a feeling the nose is next)

 

I've seen people request to be banned for a specific amount of time, just so they can get shit done.

 

Such great advise from every member here!

 

If you have to actively save for maintenance and/or unforeseen repairs don't buy the car, it's not worth it.

 

Having said that, Doc do not get discouraged work hard and smart and you will be there sooner than you know it, be smart about everything, push yourself slightly out of your comfort zone but for income generating opportunities only not for toys!

 

I am confident you will make it

 

Always on point!

 

Agreed. Many have multiple homes, multiple cars, no mortgages and no payments, very little if any personal debt.

 

In the old days being able to afford a car meant just that, afford the car. Now it means I can afford the car PAYMENTS. Very different conversation.

 

:iamwithstupid:

As a fellow poor Lamborghini owner (as you know) here is my philosophy:

 

All these cars have needs that we can identify during a PPI or through observation. I put all these things on a list (my list has like $25k worth of stuff on it) and prioritize by need (as agreed to with my mechanic). I’m working to commit to spending $5k per year on these known issues, plus regular maintenance to pare the list down. Here is where I’m at now:

 

2014: $7,500

 

2015 (so far): $3,900

 

So then I’m left with gotchas and unknowns. I have a single “car” fund, that takes care of these unexpected repairs plus saving for new vehicles (DD and weekend). So any unexpected repairs will extend the purchase horizon for the next car.

 

Hey look, worst case you can always park the car while saving for repair money….

 

So for all you guys that can pay a 5 figure service bill(s) without blinking an eye, pat yourselves on the back, you’ve made life your little biotch. You are the guys all of us aspire to be.

 

Thanks for the advice! I hope you didn't mind that I used you as an example!

 

 

I'm with Shark. An older car that you work on yourself is night and day different compared with paying someone to do the work. My huge repair thread and all the work I did cost me maybe $5k. I'm sure would have been $15k plus for someone else to do it. I definitely can't just drop $20k plus at the blink of an eye. Although this being an appreciating accept, it's easier to accept. Either way, best to have $10-20k set aside for something unexpected.

 

Thanks Chipster!

 

 

I put as much cash (hundreds only of course) as I can get into the frunk. When it gets less than half-full I replenish it.

 

LOL!

 

Doc, you're all over the damn place man. You're trying to launch a business and/or sell/license an idea during the patent stage. That should be the ONLY THING ON YOUR MIND, to the extent you can't remember if you even had dinner last night.

 

The time you spend thinking about potential repair bills on a future exotic car could be spent doing something far more productive.

 

Thanks man! I'm going to be spending a lot less time on here, if any at all. I really appreciate the advice. I need to get my head in the game!

 

Quit wheeling and get the hell back to work on the idea which will fund these toys.

 

I literally LOL'ed!

 

 

 

 

 

Great advice.

 

Often you'll see LP members who post often and have thousands of posts vanish. They'll be gone for months at a time. Then they'll come back and talk about buying 5 cars at once, or a new Lambo..etc. Everything can be sacrificed when you focus. (now to just cut off my last finger to stop myself from clicking 'view new posts'...please...help...I have a feeling the nose is next)

 

Hahaha. I hope that's me! It's been a pleasure knowing you guys. Thanks for the advice. Also, thanks, Fortis!

 

 

I think the general advice about establishing yourself before buying toys is extremely solid. Nothing more annoying than the novelty wearing off and being stuck with the bill -- the initial joy may be great but it won't last forever.

 

My only tweak to that is that this advice is mostly aimed at younger guys/gals. If you're 60 years old and it doesn't look like you're going to "make it", then I don't think one should deprive themselves of a dream goal in this lifetime so long as it won't bankrupt/ruin you.

 

I think another aspect to this is that owning a Lambo is greater than the car itself -- what about the lifestyle and "expectations" surrounding you.

 

I know some really cheap F and L car guys who come off like they make $40k a year, in the way they dress, tip like crap, bunk up deep in a hotel room, etc. etc. BUT THEY HAVE THE CARS!!!

 

I could never get down with that. Never want to be that guy.

 

I went the road less traveled. I bought a D that I knew needed some work. Not a salvage title or anything crazy like that, but a "driven" car.

 

Instead of my Dad and I throwing around a football, we built go-carts and hands on stuff like that. I bought my first car with my own $$ at 14 years old (of course Dad was on the title since I was under 18). I had the engine out of the car the first week. Long story short I had no fear of diving in to anything mechanical.

 

With that kind of knowledge, I have a different perspective of what a major repair feels like. I never had a "reserve fund" for a car. Or a hot water heater, or microwave, or a/c cooler, pool pump, etc etc. Money set aisde for a crisis? You bet.

I know some really cheap F and L car guys who come off like they make $40k a year, in the way they dress, tip like crap, bunk up deep in a hotel room, etc. etc. BUT THEY HAVE THE CARS!!!

 

I could never get down with that. Never want to be that guy.

 

I'm aspiring to be the guy in board shorts/tank top and flip flops getting out of a $500k ride. At some point I'll go full LV Eric and not even bother with the flip flops.

 

The rest of it is a little silly though.

Go full LV Eric? Never go full LV Eric!!!